SMM Value

Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.

In this section, we usually try to help investors determine whether Salient Midstream & MLP Fund is trading at an attractive price based on the cash flow it is expected to produce in the future. But as Salient Midstream & MLP Fund has not provided consistent financial data, and the stock also has no analyst forecast or coverage, its intrinsic value cannot be reliably calculated by extrapolating past data or using analyst consensus cash flow predictions.

This is quite a rare situation as 89% of companies covered by Simply Wall St do have a valuation analysis. You can see them here.

Show me the analysis anyway

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

It is not possible to calculate the future cash flow value for
Salient Midstream & MLP Fund. This is due to cash flow or dividend data being
unavailable. The share price is
$9.16.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for
Salient Midstream & MLP Fund's
earnings,
growth
and
assets
is considered below, and whether this is a fair price.

Price based on past earnings

Are
Salient Midstream & MLP Fund's earnings available for a low price, and how does
this compare to other companies in the same industry?

SMM Future Performance

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Salient Midstream & MLP Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.

Future estimates come from
professional analysts. Just like forecasting the weather, they don’t always get
it right!

6.4%

Expected Capital Markets industry annual growth in earnings.

Earnings growth vs Low Risk Savings

Is
Salient Midstream & MLP Fund
expected to grow at an
attractive
rate?

High Growth Checks

Unable to determine if Salient Midstream & MLP Fund is high growth as no earnings estimate data is available.

Unable to determine if Salient Midstream & MLP Fund is high growth as no revenue estimate data is available.

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.

SMM Past Performance

In this section we usually display a company’s past earnings and revenues to help investors visualise the trend through time. We also gauge the company’s performance by benchmarking its returns and growth to its industry peers and the wider market. However, Salient Midstream & MLP Fund has not provided sufficient past data to assess its track record.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have historical data. You can see them here.

Show me the analysis anyway

No data on Salient Midstream & MLP Fund's last earnings update.

The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.

Past earnings growth

Below we compare
Salient Midstream & MLP Fund's growth in the last year to its industry (Capital Markets).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it
has maintained that growth in the year.

Insufficient past earnings data to establish if Salient Midstream & MLP Fund's year on year earnings growth rate was positive over the past 5 years.

Unable to compare Salient Midstream & MLP Fund's 1-year growth to the 5-year average as past earnings data has not been reported.

Unable to compare Salient Midstream & MLP Fund's 1-year growth to the US Capital Markets industry average as past earnings data has not been reported.

Earnings and Revenue History

Salient Midstream & MLP Fund's
revenue
and
profit
over the past 5 years is shown below, any years where they have experienced a
loss will show up in red.

Performance last year

We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.

Unable to establish if Salient Midstream & MLP Fund has efficiently used shareholders’ funds last year as no Return on Equity data is available.

Unable to establish if Salient Midstream & MLP Fund has efficiently used its assets last year compared to the US Capital Markets industry average (Return on Assets) as past financial data has not been reported.

Unable to establish if Salient Midstream & MLP Fund improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.

Past performance checks

We assess
Salient Midstream & MLP Fund's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)

Has the earnings growth in the last year exceeded that of the
Capital Markets
industry? (1 check)

Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)

Is the Return on Equity (ROE) higher than 20%? (1 check)

Is the Return on Assets (ROA) above industry average? (1 check)

Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
Salient Midstream & MLP Fund
has a total score of
0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

SMM Health

In this section we usually analyse Salient Midstream & MLP Fund's finance health to determine how well-positioned it is against times of financial distress, in particular, its ability to manage its cash and debt levels. Salient Midstream & MLP Fund has not provided adequate balance sheet data, its financial health cannot be properly assessed as it.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have financial information. You can see them here.

Show me the analysis anyway

A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Unable to compare short term assets to short term liabilities as Salient Midstream & MLP Fund has not reported sufficient balance sheet data.

Unable to establish if Salient Midstream & MLP Fund's long term commitments exceed its cash and other short term assets as Salient Midstream & MLP Fund has not reported sufficient balance sheet data.

Balance sheet

This treemap shows a more detailed breakdown of
Salient Midstream & MLP Fund's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

Unable to establish if Salient Midstream & MLP Fund has a high level of physical assets or inventory without balance sheet data.

Unable to verify if debt is covered by short term assets as Salient Midstream & MLP Fund has not reported sufficient balance sheet data.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.

SMM Management

Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.

CEO

GregReid

AGE

52

TENURE AS CEO

7.2 years

CEO Bio

Mr. Gregory Allen Reid, also known as Greg, CIMA serves as Partner and President of MLP Complex at Salient Partners, L.P. Mr. Reid joined Salient Partners, L.P in 2011. He has been Portfolio Manager of Salient Partners, L.P. since January 2011. He also serves as President and Portfolio Manager at Salient Capital Advisors, LLC. He has several years of investment experience. Prior to joining Salient, Mr. Reid was the Founder and Chief Executive Officer at RDG Capital LLC. Prior to that, Mr. Reid served as a Senior Vice President at Merrill Lynch from 1997 to 2007. He was a part of the Private Banking and Investment Group at the firm. Mr. Reid served as Managing Partner, Chief Executive Officer, Chief Information Officer and Chief Investment Officer of the Houston Division at Telemus Capital Partners, LLC from May 2007 to June 2010. He joined Telemus Capital Partners, LLC in 2007. Mr. Reid started his career in the financial services industry at Goldman Sachs. He served as a Vice President of the Private Client Group at Goldman Sachs from 1991 to 1996. Mr. Reid was named one of America's Top 100 Wealth Advisors by worth magazine. He was also recognized as a part of America's Top Wealth Management Team in 2006 by Research magazine. He received the Certified Investment Management Analyst designation from the Wharton School at the University of Pennsylvania. Mr. Reid is also registered with the Financial Industry Regulatory Authority as a General Securities Representative and a General Securities Principal. He earned an MBA from the J. L. Kellogg Graduate School of Management, Northwestern University and an undergraduate degree from Texas A&M University.

CEO Compensation

Insufficient data for Greg to compare compensation growth.

Insufficient data for Greg to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.

Management Team

Greg Reid

TITLE

Chief Executive Officer

AGE

52

TENURE

7.2 yrs

John Price

TITLE

Principal Financial Officer and Treasurer

AGE

51

Paul Bachtold

TITLE

Chief Compliance Officer

AGE

44

Kristen Bayazitoglu

TITLE

Vice President

Jeremy Radcliffe

TITLE

Secretary

AGE

44

Board of Directors Tenure

Average tenure and age of the
Salient Midstream & MLP Fund
board of directors in years:

7.2

Average Tenure

57

Average Age

The tenure for the Salient Midstream & MLP Fund board of directors is about average.

SMM News

Simply Wall St News

SMM Company Info

Description

Salient Midstream & MLP Fund is a closed ended equity mutual fund launched and managed by Salient Capital Advisors, LLC. The fund invests in the public equity markets of the United States. It invests in stocks of companies operating in the energy sector, including transporting, storing, gathering, processing, distributing, marketing and/or delivering natural gas, natural gas liquids, crude oil or refined products or coal. The fund primarily invests in midstream companies and master limited partnerships. It invests in stocks of large-cap, mid-cap, and small-cap companies. The fund benchmarks the performance of its portfolio against the Alerian MLP Index. Salient Midstream & MLP Fund was formed on May 24, 2012 and is domiciled in the United States.

Simply Wall Street Pty Ltd (ACN 600 056 611), is a Corporate Authorised Representative (Authorised Representative Number: 467183) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Please read our Financial Services Guide before deciding whether to obtain financial services from us.